54gene loses over $100 million in value after ousting its CEO and shuttering its diagnostic arm
It's been an incredibly turbulent year for African genomics startup, 54gene, as the startup has laid off a significant number of its staff, shuttered its diagnostic arm, replaced its CEO, and now its valuation being slashed by investors.
Per a report from TechCrunch, 54gene’s valuation has dropped by two-thirds, from the $170 million secured when it raised its Series B to about $50 million in a bridge round involving lead investors from the company’s board, citing sources with knowledge of the matter.
54gene is not the only startup that have had to resize its workforce in response to the precarious economic climate across public and private markets. Swvl, Wave, Vezeeta, Sendy and Marketforce make up a growing list of African startups that have had to downsize and, in some instances, shut down parts of their businesses so they can stay afloat.
